There are thousands of hedge funds competing in the marketplace. They come in all shapes and sizes, but all too often they approach investors with the same thesis.

"The things that everyone sees all the time are long/short and global macro, basically people that are saying, 'We're gonna be better than the market' because we've got XYZ experience and we're so smart or we have backtested all our results," said Nathan Anderson, co-founder and CEO of ClaritySpring, a company that aims to bring efficiency and transparency to the hedge fund industry. "That's not unique. At this point there are 13,000 hedge funds, so the burden is on the manager to prove that they have something that is focused and unique."

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